BRUSSELS – The Value of Beauty Alliance, created to highlight the importance of Europe’s beauty value chain, is launching Wednesday in Brussels at a gathering attended by chief executives and presidents from L’Oréal, Beiersdorf, Givaudan, IFF, Kiko Milan and Ancorotti Cosmetics.
The six founding members have come together to present a report entitled “What Is the Value of Beauty,” which is meant to crystalize the role the value chain holds for the European Union’s economy and society, and for health and wellbeing.
The European beauty market generates 74.1 billion euros per year, and the report found that within the EU, 80 percent of consumers consider beauty products as an essential part of their day-to-day lives.
“What Is the Value of Beauty” focuses on economy and innovation; health and well-being, and society and culture.
“With six founding members, the alliance represents different facets of our sector,” said Nicolas Hieronimus, chief executive officer of L’Oréal, in a statement. “I would like to welcome all members of our extensive value chain, industry and associations, to join hands with the Value of Beauty Alliance. Together we will amplify our voices and demonstrate the socioeconomic significance of our industry for Europe.”
“Fueled by the relentless pursuit of innovation with a strong focus on sustainability, this vast and diverse ecosystem stretches across Europe, contributing to our economy, supporting our health and wellbeing, and shaping our society and culture,” continued Vincent Warnery, Beiersdorf’s CEO.
Albéa and Puig have also committed to joining the alliance, which said it welcomes all companies that contribute to Europe’s cosmetics value chain and wants to offer a better understanding of the ecosystem’s economic and social contributions.
Source: WWD